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MariaSharpie

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New Zealand Bans Foreign Home Buyers After Price Surge
« on: October 31, 2017, 03:57:21 pm »
New Zealand will ban foreigners from buying existing  homes, joining a growing list of nations trying to make property more affordable for their citizens.

“Foreign speculators will no longer be able to buy houses in New Zealand from early next year,” Prime Minister Jacinda Ardern said at press conference in Wellington Tuesday. “We are determined to make it easier for Kiwis  to buy their first home, so we are stopping foreign speculators buying houses and driving up prices. Kiwis should not be outbid like this.”
 
House prices have surged in recent years, driving the average value in the nation’s biggest city, Auckland, to more than NZ$1 million  ($685,000) and putting property out of reach for many younger Kiwis. While New Zealand joins other countries in restricting or heavily  taxing sales of existing homes to foreigners, such measures have done little to curb prices in places like Hong Kong and neighboring Australia.

More at https://www.prolificskins.com/forum/current-affairs/new-zealand-bans-foreign-home-buyers-after-price-surge

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